The road to rationalisation: A history of “Where the Empirical Lives” (or has lived) in consumer choice theory

D. Wade Hands ()

The European Journal of the History of Economic Thought, 2017, vol. 24, issue 3, 555-588

Abstract: This paper examines the different ways that economists have characterised the empirical content of modern consumer choice theory. There has been general agreement among economists that each stage in the development of the theory has been associated with an improvement in the theory's empirical content, and yet there has been no agreement about what exactly the empirical content of consumer choice theory is at any stage in the process. I call this the problem of observational ambiguity. The paper historically documents this problem, links it to various theoretical developments, and relates it to debates in contemporary economic theory.

Date: 2017
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DOI: 10.1080/09672567.2016.1260148

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